Time To Move This Spring? Don't Know? Read This!

Monday, April 18, 2022   /   by Raj Jaggi

Time To Move This Spring? Don't Know? Read This!

benefits of owning a home

If you're considering selling your property, you may have heard that prices are rising, listings are selling quickly, and sellers are receiving several offers. But why are today's selling conditions so favorable? And what can you expect if you decide to relocate? Let's look at the data to see if we can answer both of those questions.
There are considerably more purchasers shopping for homes nowadays than there are sellers offering their properties. To help paint a picture of what this looks like, below are maps from the National Association of Realtors (NAR) depicting recent buyer and seller traffic:


On the left, notice how much darker the blues are. This demonstrates that today's buyer traffic is robust. The much lighter blues on the right, on the other hand, imply low or extremely weak seller traffic. In a word, there is far more demand for homes than there are available for purchase.

What Does This Mean for You?

You have a considerable advantage when you sell your home under these circumstances. There's a good chance buyer will be competing for your home because buyer demand is so high when seller traffic is so low.

According to the National Association of Realtors, the average house sold in February received 4.8 bids. When buyers are competing with one another, they will go to great lengths to make their offers stand out. This could work in your favor, resulting in contingencies being dropped, offers above the asking price, earnest money deposits, and more. You'll make a lot of money if you sell when demand is strong and supply is low.
If you're also seeking to buy a home, you could be tempted to focus just on the seller's traffic map and wonder if this implies you'll have problems locating a suitable property. But keep in mind that perspective is crucial. As realtor.com's Chief Economist Danielle Hale puts it:

“The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.” 

When you consider the big picture, the opportunity you have today as a seller is unrivaled. Last year's market was a seller's market. This year, inventory is much lower, which means you have an even greater opportunity. Even while locating your next home in a market with little inventory can be difficult, is that worry worth passing up some of the finest selling circumstances in history?

Remember that real estate professionals have been juggling this supply and demand mismatch for over two years, and they know how to help both buyers and sellers succeed when they move. A knowledgeable realtor can help you take advantage of the current market as a seller and assist you through the buying process until you discover the perfect place to call home.

Conclusion

If you're ready to make a change, you have a fantastic opportunity right now. Put your faith in a real estate agent and rely on their skills to help you sell or buy a home.


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